Ethena Price Jumps 150% in a Month as TVL Hits $10B and Golden Cross Signals Bullish Outlook
Ethena (ENA) has delivered one of the strongest performances in the crypto market this month, climbing 150% over the last 30 days and gaining another 40% in the past week alone. This sharp rally comes as the project’s Total Value Locked (TVL) surpassed $10 billion for the first time, fueled by rising adoption of its synthetic dollar, USDe.
USDe has now become the world’s third-largest stablecoin by market capitalization, a milestone that has drawn attention from both retail traders and institutional players. The increase in demand is further supported by Ethena’s daily $5 million ENA buybacks, which are gradually tightening the token’s supply. Whale wallet activity has also grown significantly, with addresses holding between 100,000 and 1 million ENA increasing by 12% in July, now controlling nearly 30% of the circulating supply.
Golden Cross Strengthens Technical Setup
From a technical perspective, Ethena’s recent breakout is underpinned by a golden cross pattern — a widely watched bullish signal where the 50-day Exponential Moving Average (EMA) moves above the 200-day EMA. This crossover often indicates a shift toward longer-term upward momentum.
The Relative Strength Index (RSI) for ENA currently sits near 74, reflecting strong buying pressure without extreme overbought conditions. The Moving Average Convergence Divergence (MACD) indicator has also confirmed a bullish crossover, reinforcing the upward bias.
On August 10, ENA surged 14.7%, moving from $0.64 to $0.81 and breaking out of a bullish flag formation on the daily chart. This move pushed the token close to today’s high near $0.85.
Price Levels to Watch
The next key resistance is at $0.8741, followed by the important psychological barrier at $1.00. A confirmed break above this level could open the door to targets at $1.25 and possibly $1.50, according to market analysts.
However, recent on-chain data shows that $29.8 million worth of ENA was transferred to exchanges between August 9–10, which could lead to short-term price swings if some holders decide to take profits. On the downside, support is expected around $0.70, followed by $0.56 and $0.47.
Expanding Ecosystem and Whale Confidence
One of the major drivers behind Ethena’s growth is the expansion of its USDe stablecoin ecosystem. USDe is now integrated across 23 blockchains via LayerZero, enabling seamless cross-chain transactions. In just the past week, USDe processed over $743 million in cross-chain volume.
The derivatives market is also showing increased interest in ENA. Futures trading volume has jumped 41.84% to reach $4.35 billion, reflecting rising participation from both traders and institutional desks.
Large investors, often referred to as “whales,” have been steadily accumulating ENA over the past week, boosting their holdings by more than 30%. This accumulation trend suggests growing confidence in Ethena’s long-term potential.
Potential Catalyst: Ethena’s Fee Switch
Looking ahead, one of the most anticipated developments in Ethena’s roadmap is the activation of its “fee switch” — a mechanism that will direct a portion of protocol fees to ENA token holders. This change is expected to enhance the token’s value proposition by providing an additional incentive for long-term holding.
Combined with the current bullish technical structure, whale accumulation, and ongoing ecosystem growth, analysts believe this could further strengthen ENA’s market position.
Institutional and Retail Interest Align
Ethena’s rise comes at a time when the DeFi sector is regaining momentum after a quieter start to the year. The combination of a high-yield synthetic dollar, rapid cross-chain adoption, and strong on-chain metrics has made ENA one of the most closely watched tokens in the market.
Institutional involvement is growing as well, with trading desks seeking exposure to both USDe and ENA as part of broader DeFi strategies. This blend of retail enthusiasm and institutional positioning creates a favorable backdrop for potential continued growth.
Market Outlook
If the bullish momentum holds, Ethena could see further gains in the short to medium term. Breaking through the $1 resistance would likely trigger renewed buying interest, potentially setting the stage for a push toward $1.25 or higher.
However, traders should also be mindful of potential volatility, especially given the recent increase in tokens sent to exchanges. Short-term pullbacks would not be unusual in a market that has already seen rapid gains.
In the longer run, Ethena’s combination of technical strength, robust ecosystem expansion, and active community support gives it a solid foundation. Should these trends continue, ENA may solidify its position as one of the leading tokens in the decentralized finance space.
Post Views: 121